CAN YOU AFFORD TO SEND YOUR KIDS BACK TO SCHOOL?

The 1st of September normally marks the beginning of the school year, where thousands of children will be returning back to school after the summer vacation.  However, this year, due to the threat of COVID it is still unclear how lessons will be conducted and how many students will be in a classroom. Regardless of whether the children will physically be in a classroom or they will be studying remotely, school supplies still need to be purchased.  Here are some of my financial tips on how to buy everything without breaking the bank. Ask the children to compile a list...

QUICK QUIZ ON LOANS

A QUICK QUIZ ABOUT LOANS 1. What is the prime rate today? a) 1.75% b) 2.00% c) 1.60% d) Don’t know 2. What is the maximum rate of interest that a bank can charge on a loan?  a) On a regular loan 15% b) The bank charge any interest rate that they want c) The bank can charge up to 8% on a loan d) Don’t know 3. The bank earns the most on:  a) From commission b) Commission and interest c) The banks do not make money on commission and interest since they are serving the public. d) Don’t know 4. Who pays the...

What am I entitled to from Bituach Leumi during the coronavirus crises?

Question: I am a salaried employee and I have caught the virus – am I entitled to Bituach Leumi? Answer:  No, you are not, but you are entitled to receive sick pay from your employer.  Hopefully, you have enough sick days. Question:  I have been told to go into (בידוד) isolation.  Am I entitled to sick pay or Bituach Leumi? Answer:  No you are not entitled to either.  However, if you cannot work from home, you can ask your employer to deduct your sick days in order to receive a salary. Question:  I receive a pension but I also work...

NEW ECONOMIC PACKAGE FOR UNEMPLOYED AND THE SELF-EMPLOYED

PM Benjamin Netanyahu and Finance Minister Israel Katz presented the “Economic Safety Net 2020-2021” program this month – an economic package that will provide certainty and financial security for a period of a year to employees, the self-employed people and businesses during the Corona period. The program is up to June 2021 – and includes providing unemployment benefits to employees, social assistance grants for the self-employed up to NIS 15,000 every two months, a business assistance grant, also for new businesses and more. For the self-employed grants will be paid as early as the 12th July.  They are promising a grant...

CORONAVIRUS MANAGING YOUR FINANCES IN DIFFICULT TIMES

With coronavirus disrupting our daily lives, many people are worried about the impact on their budgets. While uncertainty swirls around us, not having a financial plan in place can just add to your stress levels. Taking some practical steps to manage your money can give you a better handle on your finances right now. The goal of this article is to help you feel more confident about how you manage your money, which is more important now than ever. I hope that the tips will help you feel more in control while so many things in the world seem uncertain....

GUIDE FOR THE SECOND STAGE OF THE GOVERNMENT GRANTS TO BUSINESSES

Following demonstrations and media coverage about the plight of business owners and the self employed, the Ministry of Finances has come up with new criteria for controlling shareholders who receive a salary and for the self employed. ELIGIBILITY CONDITIONS FOR THE SELF EMPLOYED The conditions of the second phase for the self-employed are the same as for the first phase with the following changes: ➢ Taxable income for tax year 2018 does not exceed NIS 1 million, compared with NIS 240,000 in the first phase. ➢ Minimum income from a business will be NIS 8,568 per year, compared with NIS...

STEP TO STEP GUIDE HOW TO CLAIM THE GRANT FOR SMALL BUSINESSES

In this article, I am going to address the small business grants that the government is offering. Following is the latest information regarding the NIS 6,000 grant. If you fall under these 5 categories, you are unfortunately currently not eligible: You were under 28 years of age in 2019 it has now been changed to the age of 20 You are a controlling shareholder in the business Your annual earnings in 2018 exceeded NIS 240,000 Your monthly earnings in 2018 were below NIS 2,000 You opened a business in 2019/2020; this means you will only be eligible to receive a...

THE BANKS IN THE CORONAVIRUS CRISIS

We currently face a threat – to our health and to our economic well being. To help us all come through this period as financially strong as possible, every day at 2pm I will appear on Facebook, live, to give you updated information and guidelines. In this article, I will address the banks. Last Thursday, the Union of Family Finanical Advisors, to which I am an active member, gave an excellent webinar on how to deal with banks in the coronavirus crisis. The first subject covered was how to contact your bank if you are restricted to the home. Banks...

Coronavirus crises – how to claim unemployment benefits

Bituach Leumi it just like National Insurance of Social Security.  This is when the Government looks after the citizens by providing an income, if you are unemployed, going on maternity leave, suffered an injury or one is sick, disabled, people who do miluim and of course people who have retired.  Bituach Leumi will process and sometimes decide on how much the allowance the individual is entitled to. Throughout our working lives, our employers pay Bituach Leumi on our behalf, you don’t have to pay it yourself and the amount is deducted from our payslips.  Being self-employed  I also pay Bituach...

To Throw Or Not To Throw? That Is The Question….

Many of my clients have files of financial papers and they are unsure whether they should throw them away or keep them.  So here is a guideline.   Bank and Credit Card Statements – one usually receives bank statements in the mail, you should keep your current account statements for 3 months.  Those who have internet can access their bank statements and credit cards for even longer.   With Credit Card statements remember to check your receipts against the debits to ensure that there was no credit card fraud. Cheque books – one can keep the cheque book stubs for up...